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Mortgage Loan Calculator
There are all different names for interest calculators out there like mortgage calculator, loan calculator, interest calculator, borrowing power calculator or student loan calculator. They all do the exact same thing which is calculate the monthly payment of a loan with interest added to it. You have to plug in the current interest rate, the loan amount and the amount of years you want the loan. Then every calculator you look at should give you the same answer for a monthly payment.
You can look at a credit card payment to see how many years you're going to have to pay the minimum payment. Or you can even see how much you have to pay above the minimum payment to pay off the loan faster.
You can calculate you student loans with a student loan calculator to let you know how long you have to pay them for. Also check the current interest rate on your student loans to make sure it's close to the banks interest rates. If not I recommend consolidating your student loans into one loan and getting a better interest rate.
A mortgage calculator will sometimes even have an amortization schedule with it to show you how much principal and interest goes to your mortgage in each payment. That's very important to know because you can see how many years it will take you to get 20% home equity and avoid PMI.
I have a free interest calculator on every page of my website to help you understand what I'm saying with the actual tools. Use the calculator below to figure out how much you would save in interest if you added $50 to your mortgage payment each month. Over 30 years you will save thousands of dollars in interest.
If you notice that interest rates have gone down quite a bit since you got your mortgage than use a mortgage calculator to figure out if it's worth refinancing your home to gt the better rate. You will save a lot or money each month but add it up to see how long it will take to make back the money it cost to refinance. That will tell you if it's worth it or not.
There are obviously many more reasons to use my free mortgage calculator and I suggest you take advantage of all of them. You will save money in the long run and it will push you into adding principal payments each month. Remember once you have 20% home equity then you shouldn't be paying PMI at all! Talk to your bank about it if you are. | 
